Zenith Energy Ltd Extension of SPA for SLK acquisition from KUFPEC (7554U)
April 08 2021 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 7554U
Zenith Energy Ltd
08 April 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
April 8, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Extension of SPA for acquisition of SLK from KUFPEC
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that its wholly owned subsidiary Zenith Energy
Netherlands B.V. ("Zenith Netherlands") has signed an extension
agreement (the "Extension") in respect of the conditional sale and
purchase agreement ("SPA") it signed with KUFPEC (Tunisia) Limited
("KUFPEC"), a 100% subsidiary of Kuwait Foreign Petroleum
Exploration Company K.S.C.C, a subsidiary of the State of Kuwait's
national oil company, for a participation in, inter alia, the North
Kairouan permit and the Sidi El Kilani Concession (the "Tunisian
Acquisition"), which includes the Sidi El Kilani oilfield ("SLK").
For reference, signing of the SPA was announced to the market on
April 20, 2020.
KUFPEC holds an undivided 22.5% interest in the Tunisian
Acquisition, together with 25 Class B shares in Compagnie
Tuniso-Koweito-Chinoise de Pétrole (CTKCP), the operator,
representing 25% of the issued share capital of the company.
Completion of the SPA remains conditional on a favourable
opinion being granted by the Comité Consultatif des Hydrocarbures
("CCH") of the Republic of Tunisia and the approval of the Tunisian
State represented by the Ministry of Industry and Energy in respect
of the transfer of KUFPEC's right, title and interest in and under
the SLK Concession to Zenith Netherlands ("Completion").
The Extension has been granted in view of the difficulties
caused by the ongoing COVID-19 pandemic which have not enabled
Completion to be achieved. The new Longstop date for Completion of
the SPA is June 30, 2021.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We look forward with enthusiasm to hopefully completing the
acquisition of SLK in due course once we receive a favourable
opinion from the CCH and the approval of the Tunisian State.
The Board is increasingly confident regarding Zenith Energy's
establishment in Tunisia, where we are currently assessing certain
additional oil production and development opportunities to further
enrich our portfolio."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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